Frasers Group passes 30% stake in Hugo Boss ahead of €38 per share bid deadline

Frasers Group, the British retail conglomerate founded by Mike Ashley, has increased its holding in German fashion house Hugo Boss to 30.28% after exercising share‑purchase options. This crosses the 30% threshold that triggers a mandatory takeover bid under German law. Frasers has offered €38 per share, valuing the transaction at roughly €1.9 billion (about £1.7 billion). The offer period ends on 27 July 2026, and the bid remains subject to regulatory clearance.

Hugo Boss’s supervisory board and management have unanimously advised shareholders to reject the offer, arguing that the price does not fully reflect the company’s intrinsic value and future growth potential. The Hugo Boss share price has hovered around €37.9, slightly down on the news. While several hedge funds continue to hold short positions on the stock, Millennium Capital Partners reduced its net short exposure by 0.01% and other funds such as SIH Partners and BlackRock remain among the most heavily shorted investors.

The development marks a significant step in Frasers’s long‑term investment strategy, following its earlier crossing of a 25% ownership level and the appointment of CEO Michael Murray to Hugo Boss’s supervisory board.